This is correct, Melody.......!!!!
Another way to look at this is.......call the amount of money the person bets = B...........and call the amount of money he wins = 3B
So the expected value of any bet is
3B(1/18) - B(17/18) =
3B/18 - (17B)/18 =
-(14B)/18 =
-.7778 B
In other words......the player stands to lose about 78 cents on each dollar he bets........
(Contrast this to the game of roulette where, on the "American Wheel," the player stands to lose a little more than 5 cents per dollar bet on any spin !!! )
